“More investment risk translates into additional risk for taxpayers, and if the additional risk isn’t mitigated through adequate diversification, it could be disastrous,” Sen. Chuck Grassley, R-Iowa, said in a news release. Grassley and Sen. Max Baucus, D-Montana, requested the GAO report.

PBGC Director Charles E.F. Millard defended the new policy, saying in a news release that the risk was “consistent with the best practices of other large institutional investors.”

Millard added that in all the scenarios the GAO analyzed, the new asset allocation outperforms the old.

“Other than some process-related criticisms, the GAO study confirms that the board was correct to adopt the new diversified policy,” Millard said.